FX third-party banking operations migrated to Calypso

In a project for a German state bank, our colleagues Lars Kägebein and Timo Franz moved the workflow-based processing of FX third-party bank transactions to Calypso within 10 months and enabled a CLS connection.

What was the project about and what role did firstwaters play in it?

Until now, the settlement of third party bank FX spot/ FX forward trades for asset managers was "free": on the settlement date, the state bank sent the sales amount for the fund to the counterparty. The one-sided payment resulted in increased risk for the customer. In addition, the settlement was based on a workflow with increased operational risk.

The customer has received increased requests for CLS clearing and can now expand its business. In addition, the project supported the planned workflow replacement by migrating to Calypso.

firstwaters supported the project in business analysis and system configuration, in software development, as well as in functional test and defect management up to migration and post go-live support.

What factors were important for the successful completion of the project?

A key success factor was the very close collaboration with the customer despite the fact that the project was largely geographically separated. In a small project team, it is important to have all aspects of the project in view at all times and to be able to cover all topics. However, with our extensive expertise and structured methodical approach, we were able to master these challenges.

What experience can we take away from this project?

This project has allowed us to add FX third party banking to our Calypso portfolio. We were able to automate a large number of previously manual processes and opened up the possibility of CLS clearing for the third-party bank transactions to the bank. Thus, we help the client to expand its business with a more effective way of working.